HL Economics

Oprah’s Supply

Oprah is one of the richest women in the world for a reason. There’s only one of her. No matter how high demand get, she can only supple herself, therefore here supple curve is inelastic. When demand rises, so does her income. Consequently, her income will drastically fall with her popularity. Celebrities and athletes are among the most inelastic, because they are irreplaceable. How could the Lakers replace Kobe Bryant and his incredible skill? But, experts say, even celebrities and athlete are elastic in extreme lows. If there income is so low they can’t survive in the business, they will get out. Even the irreplaceable have a limit.